Converge Bags Multiple Awards, Receives Tax Incentives from FIRB

Converge ICT Solutions, Inc. bagged the Broadband Telecom Company of the Year in the Philippines during the recent Asian Telecom Awards 2022. “This award is a validation of our goal to connect the underserved and unserved areas in the country,” explained Converge CEO and co-founder Dennis Anthony Uy. “We will continue on to reach more Filipinos and give them world-class broadband connectivity. This is our lifelong promise and mission.”

This marks a significant milestone for the telco firm, particularly since its among the most recent players in the industry. Prior to its entry, the broadband internet industry was only dominated by two companies. The height of the global pandemic fueled the rapid growth of Converge as consumer demand increased with the transition to remote work and distance learning arrangements.

“Connectivity is a lifeline for many people and businesses. Thus, having fast, reliable access should not just be a privilege of a few, but should be a right of every Filipino, regardless of economic standing,” Uy elaborated. Converge completed its national digital highway and invested in subsea cable systems in its effort to provide connectivity to underserved and unserved communities.

Converge also won the Outstanding Wireline and/or Wireless Company at the Pacific Telecommunications Council Awards 2022. The International Chamber of Commerce Philippines, likewise, handed out the Global Excellence Award to the telco firm. Meanwhile, the Fiscal Incentives Review Board (FIRB) approved the tax incentives for Converge to continue to expand its fiber network across the country.

These incentives cover a four-year income tax holiday, five years of enhanced deductions, and 11 years of duty exemption on equipment and raw materials for the company’s ₱150.6-billion project. “Securing tax breaks from FIRB (Fiscal Incentives Review Board) will allow Converge more room for expansion of FTTH (fiber-to-the-home) ports towards our 2023 goal of deploying 7.5 million to 8 million ports to cover 55% of Philippine households,” noted Converge co-founder and president Maria Grace Uy. Finance Secretary and FIRB chairman Carlos Dominguez further noted that “this will not only address our pain points with regard to connectivity but also provide more employment opportunities to our people in rural areas.”

Sources: Manila Bulletin, BusinessWorld